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The euro snapped a two-day rising streak and edged lower today after the German election results prompted some investors to lock profits into one of the most profitable currency trades of the year.

Merkel did win a fourth term in office on Sunday but will have to build an uneasy coalition to form a government after her conservatives struggled for support in the face of a surge by the anti-immigration Alternative for Germany (AfD).

Despite winning the most votes, Merkel’s bloc slumped to its worst result since 1949 and her current Social Democrat coalition partners said they would go into opposition after tumbling to 20.7 percent in projections.

Hopes for higher wage growth across Britain are receding, according to a report published on today by recruitment company.

Earlier this month the Bank of England stuck to its view that pay growth will pick up over the next few years as it signalled that it was likely to raise interest rates in November for the first time more than 10 years.

But official data so far has shown annual wage growth stuck around 2.0 percent, despite Britain’s unemployment rate falling to its lowest level in more than four decades.